Stocks Hitting Resistance
The stock market pulled back a bit last week, and that is fairly common following breakouts of reversal formations. It appears the major indexes are sliding back to test their respective breakout points, before the next leg higher can begin. The major indexes also got a little extended from some short-term moving averages, and during advancing markets, these averages can act like a magnet to prices. Bond yields ran right up to the top of their recent range and pulled back, while crude oil spiked higher to yet another all-time high.
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